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Metagenomic Sequencing Market Size, Share, Industry Analysis And Outlook By 2033
Metagenomic Sequencing Market Size
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According to The Business Research Company's, The metagenomic sequencing market size has grown rapidly in recent years. It will grow from $1.82 billion in 2023 to $2.13 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. The growth in the historic period can be attributed to increasing involvement of the government, the growing number of metagenome sequencing research projects, growing application of metagenomics in genomics and diagnostics research, the availability of research funding, the development of NGS data analysis tools.
The metagenomic sequencing market size is expected to see rapid growth in the next few years. It will grow to $4.02 billion in 2028 at a compound annual growth rate (CAGR) of 17.2%. The growth in the forecast period can be attributed to decreasing computational costs, growing focus on discovering novel biomolecules of interest, increasing adoption of high-throughput sequencing technologies, demand for personalized medicine and disease diagnosis, surge in prevalence of infectious diseases. Major trends in the forecast period include innovative technologies, metagenomics utilizes advanced genomic technologies, augmented R&D funding, advancements in sequencing technology, NGS data analysis using big data.
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Market Drivers and Trends:
The increasing prevalence of infectious diseases is expected to propel the growth of the microbial identification methods market going forward. Infectious diseases are illnesses caused by harmful agents (pathogens) entering the body, such as viruses, bacteria, fungi, and parasites. The major infectious diseases are HIV/AIDS (human immunodeficiency virus/acquired immunodeficiency syndrome), tuberculosis, malaria, and more. The increasing prevalence of infectious diseases can be attributed to antimicrobial resistance, climate change, and population growth. Microbial identification methods are crucial for diagnosing, treating, and preventing infectious diseases by providing detailed information about the pathogens causing an infection, enabling healthcare professionals to make informed decisions regarding patient care. For instance, in July 2023, according to UNAIDS, the Switzerland-based United Nations program dedicated to addressing the global HIV/AIDS epidemic, the number of people with HIV currently exceeded 39 million globally, up 3.17% from 37.7 million in 2020. Furthermore, in March 2023, according to the Centers for Disease Control and Prevention, a US-based government agency, tuberculosis (TB) cases in the US increased by 5.9% from 7,874 cases in 2021 to 8,331 cases in 2022. Therefore, the increasing prevalence of infectious diseases drives the growth of the microbial identification methods market.
Major companies operating in the metagenomic sequencing market are focusing on innovating sequencing services, to improve sequencing accuracy, throughput, and cost-effectiveness. Sequencing services refer to cutting-edge genomic technologies that enable the sequencing of longer DNA fragments, providing a more comprehensive view of genetic structures compared to traditional short-read methods. For instance, in April 2024, Clinical Microbiomics A/S, a Denmark-based biotechnology company, launched advanced long-read sequencing services, including 16S, ITS, 18S rRNA, custom gene sequencing, and comprehensive genomics and metagenomics, which provide unparalleled resolution and quality in microbial analysis, enabling detailed insights into microbial communities and facilitating the creation of high-quality metagenome-assembled genomes.
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Major Key Players of the Market:
F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Merck Co. & KGaA, Eurofins Scientific SE, PerkinElmer Inc., Illumina Inc., Bio-Rad Laboratories Inc., QIAGEN N.V., Beijing Genomics Institute Group, Azenta Inc., Promega Corporation, Novogene Co. Ltd., Oxford Nanopore Technologies plc, Zymo Research Corporation, Metagenomi Inc., Psamogen Inc., IntegraGen SA, Karius Inc., DNAStar Inc., Macrogen Inc., Takara Bio Inc., Arc Bio LLC, Microsynth AG, Computomics GmbH, COSMOSID Inc., Phase Genomics Inc., Era7 Bioinformatics GmbH
Metagenomic Sequencing Market 2024 Key Insights:
• The metagenomic sequencing market size is expected to see rapid growth in the next few years. It will grow to $4.02 billion in 2028 at a compound annual growth rate (CAGR) of 17.2%.
• Rising Prevalence Of Infectious Diseases Fuels Growth In The Metagenomic Sequencing Market
• Metagenomic Sequencing Companies Drive Innovation With Advanced Long-Read Sequencing Services
• North America was the largest region in the metagenomic sequencing market in 2023
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